Open Term Sample Clauses

An Open Term clause establishes that a contract or agreement does not have a fixed end date and continues in effect until one of the parties takes action to terminate it. In practice, this means the arrangement remains ongoing, often subject to periodic review or renewal, and either party may typically end the agreement by providing a specified notice period. The core function of this clause is to provide flexibility for both parties, allowing them to adapt or exit the relationship as circumstances change, rather than being locked into a predetermined timeframe.